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Recent stories from sustg

  • Saudi Stock Market Faces Tough July: Value of Shares Traded Tumbles 25% but Market Seen As ‘Resilient’
     

    The kingdom’s Tadawul All Share Index has retreated 4.2 percent since the end of June as value of shares traded for July decreased 25 percent over the previous month, according to reports. However, compared with the significant drop in Brent Crude oil of 21 percent in that period, the market has “shown its mettle” in what […]

     
  • In Egypt, Deputy Crown Prince Mohammed Bin Salman Signs ‘Declaration of Cairo’ as Ties Strengthen
     

    Deputy Crown Prince Mohammed bin Salman and Egypt’s President Sisi signed the “Declaration of Cairo,” a document said to “reinforce the strategic alliance between Egypt and Saudi Arabia,” according to reports. The pact aimed at boosting military and economic ties between the two Arab allies “stressed the need to exert all efforts to boost security […]

     
  • Promising Breakthrough in MERS Vaccine as Infections Continue in Saudi Arabia
     

    Two different animal studies yielded promising findings about a two-step vaccine strategy against the MERS-CoV virus, according to reports, as Saudi Arabia and South Korea continue to battle the disease. According to the Saudi Gazette and agencies, “vaccinated mice produced antibodies that neutralized MERS strains, according to a study from the US National Institute of […]

     
  • Is SABIC Looking to Invest in U.S. Shale?
     

    SABIC CEO Yousef al Benyan said the company is looking to expand its interests in U.S. shale gas through joint venture projects, according to a report in Bloomberg.  SABIC has signed an agreement with Houston, Texas-based Enterprise Products Partners L.P. to get shale gas, according to the report, to be used in the United States or […]

     
  • Eid Greetings from SUSTG
     

    Best Wishes from the SUSTG Team on the Occasion of Eid Al Fitr.

     
  • New Officials Named for Top Housing, Royal Court Posts
     

    Saudi Arabia appointed a housing minister with a background as a real estate developer on Monday and appointed a new head of the Royal Court, according to decrees issued by King Salman and reports by the Reuters news agency. Majed al-Hogail, former managing director of Rafal Real Estate Development Co, a private firm owned by Saudi […]

     
  • Video Remarks: President Obama Hosts Iftar Dinner at the White House
     

    President Obama hosted an Iftar dinner Monday night to mark Ramadan, and invited guests to break their fast at the White House. The Iftar is the evening meal after sunset that concludes the daily fasting during the month of Ramadan. The dinner was President Obama’s 7th Iftar celebration at the White House, and the President used […]

     
  • Saudia’s ‘Largest aircraft leasing deal in history’ to include 50 Airbus planes
     

    According to a press release, Saudia is set to lease 50 Airbus planes as the national carrier of Saudi Arabia expands its fleet, including 30 Airbus aircraft of A320-200 model and 20 aircraft of A330-300 model. In a statement last week, Airbus confirmed that Saudia will become the first airline in the world to operate the new Airbus […]

     
  • Saudi Non-Oil Exports Drop, Imports Grow in 1Q 2015
     

    Latest figures released by Saudi Arabia’s Central Department of Statistics show Saudi nonoil exports dropped by 14.5 percent, to $12.5 billion in the first quarter of 2015 compared to 1Q 2014. Meanwhile, Saudi imports are up by 6.88% in the first quarter of this year, to $43 billion.  Plastic and rubber products topped the Kingdom’s list […]

     
  • Large Jump in May Oil Shipments to China Moves Russia Past Saudi Arabia
     

    Russia has leaped ahead of Saudi Arabia as the top oil supplier to China, according to Bloomberg, as the race to supply the world’s second-largest oil consumer heats up.  Bloomberg: “China imported a record 3.92 million metric tons from its northern neighbor in May, according to data emailed by the Beijing-based General Administration of Customs on Tuesday. […]

     

MUST-READS

  • Saudi Arabia set to raise more than $11.2 bln from Aramco stock offering

    Saudi Arabia is set to raise more than $11.2 billion after pricing its offering of Aramco (2222.SE), opens new tab stock toward the lower end of the targeted range, the Wall Street Journal reported on Thursday.
    Saudi Aramco's bankers have told investors it plans to price the shares at 27.25 Saudi riyals, or $7.27 each, according to the report.
    The stake sale, a first since Aramco's record-setting IPO in 2019, was announced last week in a landmark deal to help fund Crown Prince Mohammed bin Salman's plan to diversify the economy.

  • Saudi and Qatari universities lead the region in global education rankings

    Universities from Saudi Arabia and Qatar have been ranked the best in the Arab world in a new global higher education league table.

    Seven institutions across the region made the top 250 of the QS World University Rankings 2025, with three from Saudi Arabia and two from Qatar making up the top five in the Middle East.

    King Fahd University of Petroleum and Minerals led the way in 101st position – up from 180th last year – out of 1,500 universities worldwide.

  • As investment drive falters, Saudi milks Aramco ‘cash cow’

    "The cash raised will certainly help support government spending priorities. But it will ultimately be a fiscal booster more than a long-term cure for funding needs," said Robert Mogielnicki of the Arab Gulf States Institute in Washington. Saudi officials have since last year said the timeframe for some Vision 2030 projects would be extended, though they have not given details and said other projects would be accelerated. Finance Minister Mohammed al-Jadaan said last month that global "shocks" since Vision 2030's launch in 2016 -– wars in Ukraine and Gaza, the pandemic, inflation and supply chain disruptions –- had spurred a revision of reform plans. Read more: https://www.al-monitor.com/originals/2024/06/investment-drive-falters-saudi-milks-aramco-cash-cow#ixzz8cPnesbyH

  • How Fury-Usyk Saudi Arabia fight set up a future for boxing

    According to sources, Usyk-Fury generated upward of $50 million in pay-per-view revenue with 1.5-million-plus PPV buys (the vast majority from the U.K., where Fury is a megastar). The event also made $40 million in sponsorship and another $3 million-plus in ticket sales. All in -- production, fighter purses, entertainment, travel, etc. -- the event cost in the neighborhood of $120 million.

  • Saudi Arabia condemns storming of Al-Aqsa Mosque by Israeli officials, and extremist settlers

    Saudi Arabia on Wednesday condemned the storming of the Al-Aqsa Mosque in Jerusalem by a number of Israeli government officials, members of the Knesset, and extremist settlers. The Ministry of Foreign Affairs also condemned a move by Israeli authorities to allow extremists to organize a provocative march in the city of Jerusalem with the protection of the Israeli defense forces.

  • Will buyback scheme convince Iraqis to offload AK-47s, RPGs?

    In a bid to stem widespread armed violence, Iraq’s Ministry of Interior is pushing ahead with a program to encourage Iraqis to register or sell privately-owned weapons. In the latest phase of the four-year program, the government is now offering a buyback mechanism for arms such as rocket-propelled grenades (RPGs) and mortars.

  • Saudi Arabia plans to boost oil production capacity to 12.3 million bpd by 2028

    Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, announced the Kingdom's ambitious plan to increase its oil production capacity to 12.3 million barrels per day by 2028. This significant expansion aligns with the Kingdom's strategic goals amidst evolving global energy markets. The announcement came during a special panel discussion at the St. Petersburg International Economic Forum in Russia. The forum, themed "The Future of the Oil and Gas Market: Global Demand Outlook and Producers' Plans," was attended by several OPEC and non-OPEC ministers. Prince Abdulaziz, who also serves as the chairman of the OPEC+ ministerial meetings, underscored the robust decisions made during the 37th OPEC and non-OPEC ministerial meeting held on June 2 in Riyadh.

  • PGA, Saudi-backed LIV in ‘active discussions’ one year after announcing proposed deal that rocked the golf world

    The PGA Tour and the Saudi-backed LIV Golf have been in active discussions, according to a person familiar with the matter, one year after the two entities stunned the world and announced on CNBC that they had agreed in principle to join forces. The talks between the tour and the Saudi Public Investment Fund, which backs LIV Golf, are “extremely active,” the person said.

  • Saudi says OPEC+ can pause or reverse oil output boost, criticises Goldman Sachs

    OPEC+ can pause or reverse oil production increases if the market weakens, the Saudi energy minister said on Thursday, adding he disagreed with the bearish view of U.S. bank Goldman Sachs of OPEC+'s deal on Sunday.
    Goldman Sachs declined to comment.
    Some OPEC+ members, including Russia, agreed on Sunday to phase out voluntary cuts of 2.2 million barrels per day over a year beginning from October. OPEC+ also agreed to maintain other cuts amounting to 3.66 million bpd until end-2025.

  • Saudi Arabia campaign aims to attract chipmakers

    Saudi Arabia has launched a National Semiconductor Hub in a bid to attract international chipmakers. The kingdom is targeting at least 50 semiconductor design companies to set up business by 2030, aiming to cut its reliance on imported computer chips. The global semiconductor industry, once plagued by shortages, is now showing signs of recovery and this trend is expected to continue.